NTT Data, the company forming the new consortium, is also one of the 30 founding members of the well-known Hyperledger Project that is led by the Linux Foundation.

The effort comes at a time when government agencies test the use of blockchain technology. As Nikkei Asian Review (asia.nikkei.com) wrote in an article, the Ministry of Internal Affairs and Communications will test a blockchain-based system for processing government tenders in the fiscal year through March 2018.

In the upcoming fiscal year, the government is reportedly laying out a roadmap for incorporating distributed-ledger technology in e-government systems.

In addition, the online media explained that the Japanese government will consider sharing its blockchain expertise with the private sector. For example, there are suggestions of using blockchain technology for securing data involved with autonomous driving, power stations and others, as Nikkei Asian Review pointed out.

It is to be seen how the country will develop and use its expertise in the field of blockchain technologies.

For more information of the event, check NTT Data, the Blockchain Consortium Japan organizer’s official website.